HDFC Life Term Insurance

Types of HDFC Life Term Plans:

HDFC Life Click 2 Protect Plus: This term insurance plan is an affordable one. The Click 2 Protect Plus Plan, ensure that you can provide a secure future for your family, for a considerable period after your demise. This plan can be customized with 4 different options of . These options are:

Life Option

Extra Life Option

Income Option

Income Plus Option

HDFC Life CSC Suraksha Plan: This plan is designed to suit the people of the Common Services Centre, it is an initiative taken up by the insurer, to provide insurance even in rural sectors of the country. The low premium cost makes this an affordable plan. The insurer will provide a lump sum payment of the sum assured, to the policy holder’s nominee, in the case of the untimely demise of the policyholder.

Features and Benefits:HDFC Life Click 2 Protect Plus -

This is an online term plan, which can be purchased within the comfort of your home.

The Click 2 Protect Plus Plan provides you with life cover at a very nominal and affordable cost.

You can get the financial protection you want to provide for your family.

You have the option to customize your plans. Choose from the below mentioned cover options:

Life Option - provides your nominee a lump sum amount on death of the policyholder.

Extra Life Option - if death is caused by an accident, the option will provide an additional payout.

Income Option - the nominee will receive a part of the sum assured as a lump sum, and the remaining amount will be divided into monthly instalments to provide the nominee with an income, these instalments will be paid for a 15 year period.

Income Plus Option - this option will provide a part of the sum assured as a lump sum to the nominee, and the remaining in instalments, as income for a 10 year period. The income will increase at a rate of 10% per annum on the policy anniversary each year

For every milestone in your life, you have the option to increase your insurance coverage.

The policy will offer coverage up to the age of 75.

Non-smokers enjoy attractive premium rates.

The policy also offers tax benefits under section 80C of the Income Tax Act 1961.

You can choose the premium payment mode you would like, wherein you can pay your premiums in either a single, limited or regular payment mode.

You have to option to choose the policy term as well, you can choose the policy term you require within the range of 10 - 40 years.

The plan is a , hence there is no survival benefit.

Riders can be added to the policy in order to customize the plan, these riders are - Accidental Death Benefit Rider and Life Stage Protection Rider.

Surrender value - The surrender value is payable only if you choose the premium payment mode as a single pay option. Wherein, the surrender value will be calculated as per the below formula:

A period of 30 days will be provided as a free-look period, and if you don’t agree with any terms and conditions of the policy it can be cancelled.

Eligibility conditions of this plan:

Particulars

Minimum

Maximum

Sum assured

25 lakhs

No limit

Age of entry

18 years

65 years

Maturity age

28 years

75 years

Policy term

10 years

40 years

Premium payments

Single, Regular, Limited

Premium payment modes

Monthly, Quarterly, Half-yearly, Yearly

How does this plan work?

Let’s take an example for Ranesh, who is a 36 year old healthy non-smoker. He has chosen the policy for a sum assured of Rs. 25 lakhs, and a policy term of 20 years. He will make annual premium payment of an amount of Rs.4,994 per annum. After paying the 5 years premium Ranesh passes away. His nominee will get the benefits based on the chosen death benefit option.

If he chose the Life Option - the policy will provide his nominee a lump sum amount on death, this amount will be the higher of, either 10 times the annualized premium, or 105% of all premiums till death, or the sum assured.

If the option chosen is Extra Life Option - in addition to the above mentioned life option, and if death is caused by an accident, an additional payout will also be provided to his nominee.

If Ranesh chose the Income Option - the nominee will receive 10% of sum assured as a lump sum payment. While the remaining 90% will be divided into monthly income, for you and your family, over a 15 year period.

If the Income Plus Option was chosen - the death benefit will be paid in 100% to the nominee. In addition to this death benefit, the nominee will receive monthly instalments for a 10 year period, which will be 0.5% of the sum assured. This monthly income will increase at a rate of 10% per annum, each year on the policy anniversary.

Key feature and benefits of the HDFC CSC Suraksha Plan -

Freedom to choose the policy period from anywhere between 5 to 15 years.

The premium payment term will be the same as the policy term.

Sum assured can be a minimum amount of Rs.30,000 and a maximum sum assured of Rs.2 lakhs.

Death Benefit - The death benefit will be either 10 times the annual premium, or 105% of all premiums paid until the time of death or the sum assured, whichever is higher.

The policy offers a free-look period of 15 days, within which time you can cancel the policy, if you don’t agree with the terms and conditions.

The premiums can be paid as per preferences of the policyholder, either in monthly, quarterly, half-yearly or yearly mode.

There is no maturity or survival benefit for this policy, since it’s a pure term plan.

Tax benefits will be provided under section 80C on the Income Tax Act 1961.

How does this plan work?

Preetham Hasta, a 30 year old farmer in rural Tamil Nadu, want to secure his family’s future in case anything happens to him in the future. He opts to take up the CSC Suraksha plan, and opts for a policy with a term of 5 years. The sum assured he’s chosen is an amount of Rs. 1 lakh. He makes yearly payments of Rs. 500 as premium payments. In an unfortunate event, Preetham dies in an accident after he has paid 3 annual premiums. While taking the policy he named his wife, Nidhi Hasta, the nominee for this policy. At the time of Preetham’s death, Nidhi will be paid a 105% of the total premiums he paid until his demise, or the sum assured or 10 times the annualized premium, whichever is higher.

Eligibility conditions for this policy:

Particulars

Minimum

Maximum

Entry age

18 years

55 years

Maturity age

23 years

60 years

Sum assured

Rs. 30,000

Rs. 2,00,000

Policy term

5 years

15 years

Annual premium

Rs. 112

-

Premium payment term

same period as the policy term

Premium payment modes

Yearly, Half-yearly, Quarterly, and Monthly

HDFC Term Insurance FAQs:

Are there any exclusions under the policy?

Yes, in the case of suicide of the insured within 12 months of taking the policy, the nominee will receive only 80% of premiums paid.

What if I cannot make the payment of premiums on time?

As per the HDFC Life Click 2 Protect Plus, there’s a grace period of 30 days to pay your premiums if the payment mode is quarterly, half-yearly or yearly. And a 15 day period for monthly premium payments. Once the grace period is over to make payments, the policy will lapse upon non-payment.

As for the HDFC CSC Suraksha Plan - grace period of 30 days will be provided to the policyholder to ensure premium payments are made.

3.Q.Is there a surrender benefit for these plans?

For the HDFC CSC Suraksha Plan, there isn’t any surrender benefit.

For the HDFC Life Click 2 Protect Plus, can be surrendered at any time. This again will depend on the premium mode chosen. If you choose a single premium payment - 70% x single premium x (unexpired coverage term/original cover term). Regular premium payment - no surrender value. Limited premium payment - no surrender value.

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HDFC Life Term Insurance Reviews

From HDFC Life, i have taken a term insurance and the coverage value was Rs.50L. This policy will cover all types of death any eventuality happens then amount goes to the nominee. This insurance is valid till the age of 70 years, if nothing happen then the policy will get lapsed.

I have taken term insurance from HDFC Bank on 2015 . My friend is working as an agent so he has suggested to take this policy. My self only in this policy. I use to pay the premium on yearly basis auto deb 8300 rupees. I know all the details about this policy and received soft copy on time. The tenure period is 60 years for this policy. This insurance covers all type of natural death and suicide also will cover. This insurance covers after 60 years, no returns and tax benefit policy.

I took term plan from HDFC Life Click to protect. It took them 25 days to complete the medical test and more then 40 days passed an still the policy is not issued. Extremely poor experience. If this is the situation before issuing the policy, i don't know what my family shall have to go through in my absence ( when there is actually need for the policy money). Tall claims, poor performance.

I have taken a term plan from HDFC Life on few years before. The coverage amount is 5L. The tenure period of 45 years. So far I have not faced any difficulty and there is no additional charges for this policy.I use to pay the premium amount of 12K on yearly basis. I had received hard copy of documents on time from their end.

HDFC LIFE is offering a good benefits and the charges are nominal when compared with other insurer so I took a term plan with them. They have explained me about benefits of the policy. They need some improvement on the customer service. I have paid 24K for a year.

Chosen my term insurance from HDFC LIFE. HDFC has better claim ratio thats the reason i opted the policy. I make the premium through online every time. I pay the premium amount of Rs. 6600. They have included with disability cover and accidental cover. The premium is less since i purchase the policy through online.

I took a term insurance with HDFC LIFE, I have compared with online site and found they are having good payment rates. The customer service is good. I am satisfied with the benefits. I am doing monthly premium of Rs.2000 and need to pay till 15 years. The payment mode is online.

I have a term insurance with HDFC LIFE because the benefits are too beneficial. I am paying 9,400 rupees for a year through net banking. The policy covers till the age of 85. The nominee would be getting a benefit of 75L. They have provide insurance documents on time.

Bought my life insurance policy from HDFC LIFE. For the tax benefit purpose, i purchase this policy. I am not sure about the plan name. They will double the money in returns at the time maturity and its a long term plan. I pay the premium amount of Rs. 24000 annually.

TERM PLAN using from last few years, the documents submitted through the online as well as the offline process. The premium paying for 6 months, coverage is for self. There is no coverage apart from this. The customer support is good and responsive.

I have term plan with HDFC life, I have chosen the sum assured of Rs. 75 lakhs it has the duration of 50 years, life cover is upto 75 years. I make the premium around Rs. 800 per month, it has tax cover, critical illness, waiver on premium at disability. Cancer and Heart attack cover is also there.

I am using the term plan since from last 3 years with HDFC LIFE, the documentation process was done through online, the premium paying was through the yearly once through online. It give the coverage for self. The are no benefits provided with the policy.

I have purchased the TERM PLAN with the HDFC LIFE where i have been using t since from last 3 years. The premium paying was for yearly once with the policy added on that the executive explained the details of the policy and given the hard copy too of the policy.

I have taken a term plan with HDFC Life. The benefit of this policy is for my nominee. The process to buy the policy online was smooth and easy. It is till the age of 65 years. The sum assured is for 25 lakhs. The premium is not that costly. I pay in annually online.

I have taken a term insurance in HDFC LIFE. The policy is for more than 50 years. I am paying premium in the annual package. Through an online I have came to know about all the policy details. I use to do payments through an online. This policy covers up to myself.

TERM plan that i am using with the HDFC LIFE since from last 2 months. It gives the coverage of the critical illness and also accidental death coverage and permanent disability also there is no need of paying for these coverage. The coverage for self, premium paying for yearly once of 11500 rupees approximately.

I pay Rs. 14,000 premium to HDFC life for the term plan. I selected the sum assured of Rs. 1 crore. I added one nominee even their claim settlement ratio and grievance resolved is good, at the time of taking policy they explained all. I make the payment through online payment they have critical illness and premium terminal on disabilities.

Purchased my term insurance policy from HDFC LIFE. The coverage was far better than any other company. This covers for partial disability and critical illness. I have chosen because of the benefits. I pay the premium amount of Rs. 20000 yearly basis and the coverage is very much convenient for me.

I am using the HDFC LIFE since from last 12-15 years with this insurance provider. The policy has the maturity period of 20-25years and the premium paying for 3 months once and some with 6 months and some of 1 year once. Coverage is for family and it is a term plan.

I taken a term plan in HDFC life insurance for a sum assured of Rs 50 lakhs till my age of 70 years . While getting a policy my agent has given me a complete information about the policy details . Now I am paying premium in the quarterly package . I am so happy for sending the hard copy in digital era .